Amara Raja Energy & Mobility was locked in 20% upper circuit at Rs 1655.20 after its subsidiary Amara Raja Advanced Cell Technologies signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.
Gotion High-Tech has 8 global R&D centers, 8,000 patented technologies covering the battery industry value chain, 20 major manufacturing locations around the world, and a capacity layout expected to reach 300GWh by 2025.
As part of the agreement GIB EnergyX will license Gotions world class LFP technology for lithium-ion cells to ARACT.
This comprehensive agreement enables Amara Raja to manufacture world class LFP cells in both cylindrical and prismatic form factors.
The scope of licensing provides access to cell technology IP, support in establishing Gigafactory facilities conforming to latest generation process technologies, integration with Gotions global supply chain network for critical battery materials, and customer technical support for solution deployment.
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The technology transfer and service support will fully complement Amara Rajas efforts to operationalize its Gigafactory manufacturing capacities and its advanced research and innovation centre, e+ Energy Labs that aims to lead Indias R&D capabilities in this field.
Last year, Amara Raja announced an investment outlay of Rs 9,500 crores to establish the Amara Raja Giga Corridor in the state of Telangana. The company aims to keep their products competitive and contemporary through access to continuous improvements in cell performance and process efficiencies through the partnership period.
Amara Raja and Gotion are both shareholders and board members of InoBat, an emerging lithium battery technology company in Slovakia, tackling advanced applications such as electric aviation and developing a robust Cradle to Cradle' ecosystem of battery value chain.
Gotion-InoBat-Batteries (GIB), a joint venture between Gotion High-tech and InoBat, has recently signed an investment agreement with the Government of Slovakia for the development of the first LFP battery Gigafactory in the country.
Vikramadithya Gourineni, executive director, Amara Raja Energy & Mobility, added: We are very excited to announce our deepening partnership with Gotion and InoBat.
We have invested a lot of time and effort over the past few years to understand the global new energy landscape and made a calculated decision to be a part of the evolving lithium battery ecosystem through our investment in InoBat. Further collaborating with GIB through their Global C2C Alliance
Amara Raja Energy & Mobility (formerly known as Amara Raja Batteries) is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry. The company's industrial battery brands comprise PowerStack, AmaronVolt and Quanta. The company is a leading manufacturer of automotive batteries under the brands Amaron and PowerzoneTM, which are distributed through a large pan-India sale & service retail network.
The companys consolidated net profit jumped 30.9% to Rs 229.78 crore in Q4 FY24 as compared with Rs 175.60 crore in Q4 FY23. Revenue from operations increased by 19.5% to Rs 2,907.86 crore in Q4 FY24 as compared with Rs 2,433.24 crore posted in same quarter last year.
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